HRTech Startup Keka secures $57Mn From WestBridge Capital2 weeks ago Rituka M
Raising India’s largest SaaS Series A funding round yet, Keka secured $57Mn from WestBridge Capital on 9th November 2022. With a vision to build a world-class product in India, Keka will be pushing these funds toward R&D.
What began in 2016, bootstrapped by Vijay Yalamanchili has finally secured funding putting Keka on a new journey. Keka is an employee-centric HR platform that intends to simplify HR processes such as payroll, recruiting, leave and attendance, and performance management. Targeting SMEs with a headcount between 50 and 2,000, Keka also lets businesses track employee data and gain insights.
Another Hyderabad-based HR Tech Unicorn You Should Read About- DarwinBox Secures $4Mn from Microsoft
In 2021, Keka crossed the 5500-customer landmark, and today generates a payroll of more than 1.5 million employees every month. Apart from automating HR functions, Keka aims to redefine the employee experience through its automation-driven HRMS platform. Keka has a customer base across various sectors, including IT services, pharmaceuticals, manufacturing, professional service organizations, accounting, taxation, and fin-tech.
Vijay Yalamanchili, CEO of Keka, said, “Business today means serving both customers and employees. While there have been plenty of tools to cover the customer experience, employee experience has taken a back seat. Businesses can no longer afford to do that. We want to help organizations focus better on their core asset – the employees.”
Having been bootstrapped until 2022, Vijay believes this funding round has come at the right time. These funds will go primarily towards R&D and expanding the engineering, product, and customer success teams. In the press release, Vijay counts WestBridge as the right investor with a long-term vision in the HR Tech space, he says; “Moreover, it was not just about securing funding, but also a validation of the startup’s ideas and approach in a world where many funded businesses are struggling to survive.”
Rishit Desai, Principal at Westbridge Capital, said, “We align with Keka’s vision to build the best mid-market-focused global HR Tech Platform that will allow companies around the world to modernize their HR processes. We are very excited about Keka’s potential and look forward to a long partnership with the company.”